Last Friday, REINSW lodged a submission with the NSW Small Business Commissioner in response to the current review of the Retail Leases Act 1994.
Small businesses play an important role in a healthy economy, so it is important to ensure that legislation facilitates the smooth transaction of business rather than impedes it. Through our members, we are aware of the constant frustrations of both landlords and tenants associated with time, negotiations and completion of the documents of a retail leasing.
REINSW is conscious of the unnecessary complexity of the process and is advocating for a prescribed retail lease, which will create a more efficient retail leasing environment that is both cost effective and avoids pointless delays. Importantly we have a successful model to refer to in the residential leasing environment.
The current Act already heavily prescribes many of the terms of a retail lease. With this in mind, REINSW believes introducing a standard form of lease is a natural progression which will better capture Parliament’s intentions.
Download a copy of the REINSW submission >>>